If I have GALA on the exchange, will it be exchanged for GALA v2 or do I need to do something?

We’re back with more information about the upcoming update to GALAand the audit results for the token’s new contract.

As we announced earlier this week, $GALA(v2) will soon be released. This updated token will improve the security, scalability and overall sustainability of the Gala Games Ecosystem massively, and we’re thrilled to be near deploying this update.
Today we wanted to clarify a few points about the $GALA(v2) update, just so everyone has all the information they need. The snapshot and drop should be fairly straightforward, and most shouldn’t have to do anything out of the ordinary to ensure that they are delivered their GALA from the new contract. There are, however, several steps everyone should take to prepare for the drop that we’ll explore later in this article.
Introducing GALA(v2): A New Era for the Gala Games Ecosystem
On May 15th, GALA(v2) will be dropped 1:1 to all GALA holders as the new-and-improved Gala Games ecosystem token
blog.gala.games
What $GALA(v2) Brings to the Ecosystem
We began our journey with very clear visions and goals. While we still are laser focused on those goals, the methods we employ to reach them adapt and change over time. Blind adherence to systems isn’t the way to innovate, and when we see a way to improve how we operate we earnestly try to make that change.
Our initial contract for GALA on Ethereum was written in 2020. Since that time, we’ve grown massively. We have games live now with many more on the way, the scope of the Galaxian family has expanded with Music and Film, and the GALA token now has utility and applications that were never available before.
As our ecosystem has grown though, we’re still operating under those rules and capabilities that the GALA contract laid out in 2020. Moving into an era where GALA functions as a native gas coin on our own proprietary blockchain, we need a contract on Ethereum that can handle every function that every game on our platform needs it to have.
Before Project GYRI, the only official GALA token was on the Ethereum Network. Now that we are operating on our own blockchain, the Ethereum contract that governs GALA outside our ecosystem needs to match our capabilities with Project GYRI.
A new contract allows us to create a more formalized burning process for gas transactions, enable governance votes that update emission schedules and dynamic supply, and so much more. From a user perspective, new GALA will function just like the old GALA. Under the hood though, we’re adding a ton of power to the engine that is web3 entertainment.
We’re proud to present you with two thorough audits of the new GALA contract performed by respected firms AnChain and CertiK.
https://links.gala.com/v2-Anchain-audit
https://links.gala.com/v2-Certik-audit
Ensuring Your GALA Is Captured in the Snapshot
All GALA on the Ethereum Network will be captured in a snapshot on May 15th at approximately 12:00 PT. We’ll have more information about exact block height as it approaches, but we’ve already asked that exchanges halt withdrawal and deposits early that day Pacific Time. Any GALA you wish to move on or off the network or out of smart contracts should be done prior to May 15th.
This snapshot will only consider GALA held in ERC-20 wallets on the Ethereum Network. ERC-20 wallets are designed to hold tokens of the same type as GALA on Ethereum.
Other tokens that are not on the Ethereum Network will not be included. Any GALAin your $Gala GYRI wallet or in your Treasure Chests is set, ready for the snapshot.
If you’re curious about the eligibility of your GALA, check out this support article to learn how to verify that your GALA will be accounted for in the snapshot!
https://support.gala.games/posts/5040379
IMPORTANT: Any GALA held as a liquidity or swap token may not be captured. In these cases, the actual GALA is being held in a smart contract, and is replaced with another token to represent it. In this case, the original GALA is typically not what you are actually in possession of, and could mean that GALA(v2) ends up stuck in smart contracts not meant to support it. The same goes for tokens left in contracts such as liquidity pools, where GALA under the new contract would have no way to exit the pool that was built for the old contract.
This snapshot will also not include tokens received through bridges, such as pGALA. Tokens like these are distributed through bridges created by third parties and are not supported by Gala Games. In this specific example, that token is used by a third party not affiliated with Gala Games as a representation of GALA on the Binance Smart Chain — entirely off of Ethereum.
The following, original ERC-20 token address is the only GALA outside of Project Gyri supported by Gala Games.
Contract Address through May 15th: 0x15D4c048F83bd7e37d49eA4C83a07267Ec4203dA
After May 15th, this will be the new contract address for all GALA on the Ethereum Network.
Contract Address following May 15th:
0xd1d2Eb1B1e90B638588728b4130137D262C87cae
Exchanges and Marketplaces
Centralized exchanges and NFT marketplaces operate through varying degrees of custodial wallets and complex smart contract entanglements. Since GALA actively engaged in a smart contract will possibly go uncaptured during the snapshot, it is not advisable to have GALA listed for trade, in a liquidity pool, set as an offer on an item, or set as a price on an item.
Remember, after the new contract is deployed, the original GALA will have no use. Marketplace listings in the original version of GALA will be listed for a phased out token. The old GALA under the original contract will be defunct and have no utility whatsoever.
We have communicated as much as we can with exchanges and marketplaces, but it’s a big network. On OpenSea, you will find that offers and listings in GALA have been disabled preemptively so that as few as possible listings go unnoticed by the owner.
While we have tried to deliver news and instructions to exchanges and marketplaces as far as we are able to reach, there are likely many smaller organizations out there that have not communicated with us or been made aware of the upcoming snapshot. For this reason– and out of an abundance of caution– we recommend that you transfer any GALA in custodial wallets (such as on centralized exchanges) into ERC-20 wallets entirely controlled by you before the snapshot. This will ensure your GALA is accounted for and you are directly delivered your GALA(v2).
For full transparency, the following are the basic instructions we are delivering to exchanges and marketplaces to inform them of the timeline:
Exchanges should inform us of their wallet addresses containing Gala as soon as possible.Gala(V1) deposits and withdrawals need to be frozen by May 15 12:00 PT (May 15 19:00 UTC).GALA(V2) will begin being distributed to exchange wallets May 15 17:00 PT (May 16 00:00 UTC)Exchange will verify they received 1:1 distribution of GALA(V1) to GALA (V2) and convert.Once verified and converted, exchanges may turn deposit and withdrawals back on at their leisure
No exchange or marketplace, however, is obliged to follow our instructions. Some exchanges and marketplaces may limit deposits and withdrawals further than we recommended, and some may not even follow our guidance at all.
If you’re curious what will happen on the specific platform you use, reach out and ask that organization about their plans before the 15th arrives.
Let’s Review
We are diving deep into every exception and possibility because we don’t want anyone to miss out, but for most people this drop will be seamless and almost unnoticeable. Understanding all the exceptions and caveats is important to be sure your GALA is accounted for, particularly if your on chain footprint is considerably more complicated than most.
For most people, however, the following basic measures will make sure that they are included in the snapshot.
Ensure that all your GALA on Ethereum is held in personally controlled ERC-20 wallets (like your Gala wallet, Coinbase Wallet, or Metamask).Remove all GALA from smart contracts and liquidity pools prior to May 15th.Remove all items priced in GALAfrom marketplaces prior to May 15th.
We hope this article helps you understand more of the exact process and nuances to the snapshot, but for most people the steps above will be enough.
We couldn’t be more excited for what the future holds, and this update is a huge step towards making the world of decentralized gaming we envision reality.
Thank you for your continued support of the Gala Games Ecosystem. We can’t wait to explore the future with you!
Please follow /Like Me.
$GALA